Market Maker

Markets extended their stunning 2025 rebound, with the S&P 500 logging one of the fastest recoveries from a bear market on record. Anthony and Piers unpack Goldman’s bullish upgrade spree and how Nvidia’s $4 trillion surge is fueling the rally.

They dissect Trump’s copper tariff shock, the market’s technical whiplash, and what it reveals about U.S. supply chain fragility. Plus, the “Big Beautiful Bill” signed on July 4th quietly eliminated a top 2025 risk while cutting taxes and scrapping green subsidies.

Also on the docket: Apple’s AI lag, UK gilt drama, and why big money like BlackRock is buying the dip. From CDS mechanics to market psychology, the episode maps the key drivers behind the summer surge.

(00:00) Intro & Key Themes in Focus

(02:21) Market Outlook and Stock Predictions

(08:51) The Rise of Nvidia and Big Tech

(13:53) Trump's Tariffs and Copper Market Dynamics

(22:56) The Big Beautiful Bill and Debt Ceiling Updates

(26:07) Understanding Credit Default Swaps (CDS)

(31:52) UK Gilt Yields and Market Reactions

Markets staged a stunning rebound in the first half of 2025 - after a brutal start that saw the S&P 500 plunge into bear market territory. Anthony and Piers rewind the chaos: Trump’s tariff shock on “Liberation Day,” the inflation scare that followed, and how a market left for dead came roaring back to record highs.

They unpack the Fed’s evolving rate path, the quiet rise of a “shadow chair” ahead of Powell’s potential exit, and why Nvidia’s earnings may have rescued the AI hype cycle. Plus, Netflix and Uber emerge as surprise stars of H1, while Italy’s bond market revival puts it on the economic leader board.

From VIX lows to fiscal turnarounds, this episode cuts through the noise and spotlights what really mattered and what’s coming next.

(00:00) Intro & Themes in Focus

(02:18) Market Overview: A Roller Coaster Year

(08:43) What to Watch Going Forward

(13:20) Trumps Escalate to Negotiate Strategy

(14:48) AI Stocks Remain a Key Driver

(16:49) VIX: The Fear Gauge

(19:56) Sector Performance and Key Players

(23:39) Banks Strong Performance in 1H25

(25:50) Netflix Successful Turnaround

(31:13) Uber's Turnaround and Future Prospects

(36:07) Italy's Economic Recovery and Political Stability

Anthony, Stephen, and Silvia break down the $10 billion blockbuster sale of the LA Lakers. Why did the Buss family cash out after 40 years and what makes the Lakers the world’s most valuable sports franchise? From brand power and valuation layers to the media rights behind the deal.

Then, Chelsea FC quietly sells off its women’s team… to itself? Stephen exposes the dark arts of private equity and how Chelsea dodged FFP rules with some creative accounting.

Finally, ESPN buys into lacrosse, and English rugby looks to American-style franchising to stay alive.

Is sport just business now and what does it mean for the future of valuations?

(00:00) Intro and Farewell

(04:57) Welcome Silvia to the Show

(05:57) The LA Lakers Record-Breaking Valuation

(27:15) Private Equity in Women's Soccer

(37:09) Emerging Trends in Lacrosse and Rugby Investments

Markets hit new highs this week, but under the hood, things are anything but settled. Anthony and Piers unpack the Nasdaq’s breakout, Nvidia’s relentless rally, and why a historic rebound might be more than just a bounce.

They dig into Trump’s latest attack on Powell and the rise of a “shadow chair” theory already shifting rate expectations—and markets.

Plus, why Iran’s missile strike on a U.S. base sent oil crashing, not soaring. From data to geopolitics, this episode filters out the noise and finds the signal.

(00:00) Intro & Themes in Focus

(01:50) Market Resilience Amidst Turbulence

(08:12) Nvidia Back on Top

(13:18) Trump's Influence on Monetary Policy

(25:18) Geopolitical Tensions and Market Reactions

In this episode, Anthony speaks with Wee Kii Teh, a Portfolio Manager at Allianz Global Investors, about the practical skills and mindset needed to succeed in a competitive finance career.Drawing on experience across credit risk, capital markets, and now impact investing, Wee Kii shares what really sets top interns apart, how to adapt to new roles quickly, and why asking smart questions is more important than knowing all the answers.Whether you’re preparing for an assessment centre, trying to decide between sell-side and buy-side, or figuring out how to navigate workplace culture, this conversation is full of actionable insight.Expect practical tips on upskilling, career transitions, building strong relationships, and finding roles that match your values and ambition.(00:00) Introduction and Career Journey(02:26) Transitioning from STEM to Finance(08:59) Building Confidence and Seeking Mentorship(13:36) Adapting to New Environments and Upskilling(16:33) The Importance of Company Culture(21:21) Internship Insights and Attributes of Top Interns(24:54) Buy-Side vs Sell-Side Experience(27:53) Cultivating Relationships and Mentorship(31:58) Career Priorities and What Changes with Seniority(34:08) Impact Investing and ESG Opportunities(40:02) Advice for Young Professionals

Anthony and Stephen explore how Cursor became the fastest-growing AI startup ever, from MIT roots to “vibe coding” hype and a $20 billion valuation in just 14 months.

Then, it’s boardroom drama in Spain as Sabadell spins off TSB to block a hostile takeover from BBVA — a strategic move with big implications for European banking.

Finally, Barclays brings in McKinsey to cut costs. What happens when consultants start targeting front-office jobs and what does it signal for banking careers in the age of AI?

(00:00) Intro & Topics in Focus

(02:40) Cursor and Vibe Coding

(18:23) The Spanish Banking Landscape and TSB

(30:51) Barclays and the Role of Consultants in Investment Banking

Welcome to Market Maker - the podcast that makes finance interesting and easy to understand for everyone.

Hosted by Anthony Cheung, Chief Content & Culture Officer at AmplifyME, each week he and a guest break down what’s really moving markets, from interest rates and tech stocks to global politics and the latest M&A deals.

Think of it like the FT... but with fewer buzzwords, more clarity, and a lot less taking ourselves too seriously.

For anyone looking to understand markets better, whether for their career, business, or just curiosity — this is your edge.

Subscribe now to Market Maker and stay one step ahead.

Markets have stayed calm so far this week, but central banks and geopolitics were anything but. Anthony and Piers break down the Fed’s muted meeting, the revised growth and inflation forecasts, and the hidden signals in the dot plot. Over in the UK, a dovish shift at the Bank of England suggests more cuts are coming despite a steady headline rate.

They also unpack rising tensions between the U.S., Israel, and Iran, and what oil markets are really telling us about the risk of escalation.

From vote splits to forward guidance, this episode filters the noise to reveal the signals that matter.

(00:00) Intro & Topics in Focus

(02:03) Fed Hold Rates But Dot Plots Move

(17:49) Bank of England's Strategy and Vote Split

(27:39) Geopolitical Tensions and Market Reactions

From a $33 billion family tie-up at Toyota to Japan’s 400% surge in M&A activity, Anthony and Stephen break down the latest investment banking scorecard and why dealmakers are suddenly flocking East.

They also dig into Disney’s final takeover of Hulu, the $15 billion Meta bet on AI startup Scale, and the fiery rise of Dave’s Hot Chicken, where three friends turned a $900 parking lot pop-up into a billion-dollar brand.

Essential listening for anyone tracking global M&A trends, streaming wars, AI arms races and the unexpected lessons of franchise chicken economics.

(00:00) Intro & Themes in Focus

(02:09) Investment Banking Scorecard Overview

(04:09) Japan's M&A Surge: A Deep Dive

(10:46) Disney's Strategic Acquisition of Hulu

(16:46) Meta's $15 Billion Bet on AI

(23:25) The Rise of Dave's Hot Chicken

****

Check out the AmplifyME Summer Analyst Tradining Programme https://amplifyme.com/summer-analyst-programme

Markets erupted this week as oil spiked 13% overnight following Israeli strikes on Iran. Anthony and Piers unpack what it all means from geopolitical shockwaves to the tactical chaos of trading during breaking news.

They also dive into the concept of backwardation and why it's dominated the oil market for years, despite the headlines. Plus, what U.S. inflation data reveals about Trump’s tariff strategy and the real pressure behind his attacks on Fed Chair Jerome Powell.

With the Fed meeting looming, a surging FTSE defying weak UK GDP, and signs of a subtle U.S.–China détente in London, this episode helps you connect the dots in a world full of noise.

(00:00) Intro & Key Themes in Focus

(02:14) Market Reactions to Geopolitical Events

(12:33) Understanding Oil Market Dynamics

(17:47) US Inflation Data and Its Implications

(25:39) Trump Pressures the Fed to Cut

(27:50) US-China Relations and Market Impact

(32:45) UK GDP and the Resilience of the FTSE 100